Can technical analysis bring efficiency in the portfolio selection process?

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"Technical Trading Rules and Indicators: Stock cycles typically go through a peak and trough. Challenges to Technical Analysis: 1. Assumptions of Technical Analysis – Empirical tests of Efficient Market Hypothesis (EMH) show that prices do not move in trends 2. Technical Trading rules – The past may not be repeated – Patterns may become self-fulfilling prophecies – A successful rule will gain followers and become less successful – Rules require a great deal of subjective judgment. Source: http://in.docsity.com/en-docs/Technical_Analysis_-_Security_Analysis_and_Portfolio_Management_-_Solved_Quiz_"